OREA’s Forms Guru Shares the Latest on Form #801, E-Signatures and Operating with Integrity 

This past fall it was my pleasure to participate in OREA’s EMERGE event tour to speak with REALTORS® about varied Standard Forms Updates, including Form #801, E-signatures and adding integrity to trading activity using Standard Forms & Clauses. Form #801 has garnered a lot of discussion and controversy. Members need to know about regulatory changes which can translate into essential changes in real estate activity, including the two regulatory changes resulting in the creation of Form #801: 

To not represent to anyone that an offer exists unless that offer is in writing; and
To retain a copy of all written offers or a summary document (such as Form #801) of all written offers.

Technology and e-signatures are now an integral part of the real estate landscape in Ontario. So OREA invited industry experts to EMERGE to talk about the benefits of this technology and what REALTORS® need to consider when they are choosing between the many options available. In my presentation, the minimum requirements according to the Electronic Commerce Act were discussed for members to keep in mind when choosing an e-signature provider. 

In this video you’ll get answers to many common questions about Form #801, e-signatures and integrity using forms. But don’t stop there – every month OREA will be releasing a new video featuring one of our EMERGE speakers. If you haven’t checked it out yet, last month’s video features Andrew Fogliatio discussing online lead funnels. Next month you’ll get to see the highlights from the consumer panel, which was by far the most talked about part of EMERGE. 

If you like what you see, be sure to attend this year’s EMERGE conference, running in six areas of the province between September 22 and November 17. The live events feature business ideas and technology tips from top experts in the field not available anywhere else. This is one of those memorable conferences with real benefits for your real estate business that you won’t want to miss.   

OREA members will receive further information about this year’s line up of speakers as well as how to register as it becomes available. In the mean time, check out our EMERGE landing page for key dates and more content from last year. On behalf of the team at OREA, we look forward to seeing you there! 

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OREA’s Forms Guru Shares the Latest on Form #801, E-Signatures and Operating with Integrity 

Sorry, your name again?

I’m pretty bad at remembering names. In fact, it’s a running joke here at OREA. It’s not that I don’t try, I just go blank when it comes to names. As leaders and professionals, however, the skill of remembering names is important and worth improving.

In order to get better at remembering names, I looked to the experts. The techniques I found are pretty consistent from expert to expert. I wanted to share the top ones with you here, on the off chance that this is a challenge for you as well.

Care to remember – The most important step is to make a conscious decision to remember names because you care about the people you meet. Remembering names shows people that they matter. This alone can have a huge impact as you put more effort into remembering.

Repeat – Use the person’s name soon after hearing it. “Where do you work, Sean?”, or “What attracted you to this seminar, Joan?”. Don’t over use it, but restating it a few times in the conversation will help to cement it in your memory.

Associate – This is the one technique that I struggle with the most. We’ve all heard people suggest that you associate someone’s name with something else, such as some feature of their face, or something that rhymes with their name. My problem is that I’m focusing on that rather than listening to the person, and I end up making a poor first impression. People who use this technique, however, often say it works very well.

Spell it – If someone has even a slightly unusual name, or one that can be spelled in different ways, ask the person to spell it. You might choose to write it down if appropriate. Spelling a name is another way to cement it into your memory. Of course, getting a business card allows you to make a few notes about the person.

Speak up – Sometimes you might want to just admit you’ve forgotten and ask for the person’s name. It’s really not that big of a deal. People will most likely understand, after all they may have forgotten your name as well! It’s much better to ask someone to repeat their name than it is to risk losing a good connection.

Link – 

Sorry, your name again?

OREA’s 2016 Government Relations Committee

OREA’s GR team would like to welcome this year’s Government Relations Committee.

Valerie Miles (Chair)
Roger Bouma
Glenda Brindle
Kevin Crigger
Henry David
Stacey Evoy
Amie Ferris
Janice Myers
Heidi Noel
Von Palmer
Robert Pfaff
Debbie Vernon
Sean Morrison
Anna Vozza

The committee helps identify legislative and regulatory issues that affect Ontario REALTORS® and the real estate industry. As experienced real estate professionals, the GRC is a valuable resource for policy makers since they can speak to the implications of proposed legislation.

The committee also plays an important role in building strong relationships with MPPs and public servants. In this role, they regularly attend meetings, MPP events and make presentations before legislative committees.

OREA’s GR team looks forward to working with the new committee.

Original article:

OREA’s 2016 Government Relations Committee

Helping Students – and New Registrants – Succeed

In a recent post on the online education forum, a student asked about compound interest, covered in Real Estate as a Professional Career. The student wanted a simple explanation and if the question would appear on the exam.

The answer to the second question is definitely maybe. College exams are generated by AXIS, a database that contains thousands of questions. AXIS generates unique exams for each student and there are questions relating to compound interest as this topic is covered in the textbook.

The answer to the first question, taken from the forum, is shown below:

The online education forums, accessed through My Portfolio, is where you can post questions or comments, answer posted questions or comments, or follow various discussion threads. The search function allows you to conduct topic searches. First-time users will be required to accept the terms and conditions first. Or, you can contact the instructor support line (1-866-444-5557), Monday to Friday, 9:30 am – 4 pm.

If you need additional assistance for exam preparation, consider the following products:

ExamTutor© CD – contains practice exams for the Salesperson Registration Education Program and Broker Registration Education Program.

Passit® Online Study Guides – feature more than 1,000 sample multiple choice questions in study modes and timed exam modes.

If you are a new registrant, consider A Mentoring Kit for New Salespeople: Training for Success, which features three DVDs and several booklets, with ‘soft skills’ topics such as business and career planning, professionalism, time management, communication, negotiation, conflict resolution, and prospecting techniques.

For more information about the various learning tools, go to http://bit.ly/1HNg1xJ.

Continue reading: 

Helping Students – and New Registrants – Succeed

Introducing Ontario’s Top 2016 YPN Leaders

OREA is pleased to introduce it’s 2016 YPN Leadership Award winners. The recipients of this year’s awards are:

Bradley Mayer-Harman (Brampton Real Estate Board)

John-Ross Parks (Quinte & District Association of Realtors Inc.)

Peter Butler (Simcoe & District Real Estate Board)

Lindsay Reid (London & St. Thomas Association of Realtors); and

Einas Makki (Timmins, Cochrane & Timiskaming Districts Association of Realtors)

These five individuals are redefining what it means to be a real estate leader in the year 2016. They were selected from a large pool of candidates for their outstanding track records of progress in real estate and their communities. In the coming months OREA will be sharing their top lessons learned and ideas for taking real estate to the next level in a series of video interviews.

 The YPN Leadership Awards program is in its second year and is designed to recognize those new to the profession or under the age of 40 who: volunteer for organized real estate; give back to their communities; and invest in their professional development. The awards are presented each spring at OREA’s annual Leadership Conference.

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Introducing Ontario’s Top 2016 YPN Leaders

Brokers of Record: The Buck Stops With Them

American president Harry S. Truman had a desk sign, measuring 2½” x 13”, that read “The buck stops here,” which meant responsibility and accountability ultimately rested with the president. In real estate, the buck stops with the broker of record.

All brokerages in Ontario must designate a broker of record, an individual who, above all, ensures that the brokerage and its employees (brokers, salespeople, other persons) comply with the Real Estate and Business Brokers Act, 2002, and Regulations (collectively known as REBBA 2002), and standards are maintained.

If the brokerage is a sole proprietorship, the sole proprietor must be the broker of record. If the brokerage is a partnership or a corporation, the broker of record is designated by partnership or corporate resolution, respectively. For corporations, the board of directors makes the resolution, and it is signed by the officers with the appropriate signing authority. A copy the resolution must be sent to the RECO registrar.

Partnership and corporation brokerages can also designate an “alternate broker of record” (i.e., another broker as an alternate signing authority to review and sign off on trust and trade transactions when the broker of record is unable to act). Again, this is done via partnership or corporate resolution. The alternate must be approved by the registrar.

Duties of the Broker of Record

•  Ensures the brokerage fully complies with REBBA 2002

•  Actively participates in the management of the brokerage

•  Ensures an adequate level of supervision for brokers, salespeople, and other brokerage employees

•  Takes reasonable steps to address failure to comply with REBBA 2002 by all brokerage employees

•  Reviews and signs monthly trust account reconciliations and trade record sheets

•  Signs brokerage financial statements, as required by the RECO registrar

Duties of the Alternate Signing Authority

The alternate signing authority must review and sign off on the following transactions only during that time when the broker of record is absent or unable to act:

•  trust account transactions

•  monthly trust account reconciliations

•  trade record sheets

 

Reference:

Ontario Real Estate Association and Acronamic Learning Systems Inc. (2015). Real estate broker course. Don Mills, ON: MediaLinx Printing Group.

 

 

Continued here: 

Brokers of Record: The Buck Stops With Them

International Women’s Day

 

On March 8th the world celebrated International Women’s Day. In the 98 years since women were granted the ability to vote by the Canadian government, women have made significant contributions to Canadian public and private life.

Take for instance, in Ontario’s political realm, thirty-seven out of 107 Members of Provincial Parliament are female, including the premier, the leader of the third party and 7 ministers. This is the highest number of female MPPs in Ontario’s history and the first time the province has elected as woman as premier.

Late last year, Prime Minister Justin Trudeau made history by appointing Canada’s first gender-balanced cabinet. Fifteen out of 31 members of his cabinet are women, many of whom are responsible for prominent portfolios.

Within our own industry, women now make up half of all real estate professionals. This is a huge jump from the early 1950s, when barely 5% of REALTORS® were female. This year, OREA has 6 female leaders on our board of directors.

 

Read more:  

International Women’s Day

What’s In A Name?

Client or customer – is there a difference. Absolutely! 

The terms are not interchangeable. Each has been defined within the Real Estate and Business Brokers Act, 2002, and Regulations (REBBA 2002). The key to remembering the difference rests with the type of agreement the consumer has with the brokerage. A client is represented under a (buyer or seller) representation agreement. A customer is not and is provided services only. As such, the obligations owed to each is different, including the duty of care.

The duty of care owed to customers involves providing accurate information, responding to questions, being honest, and performing specific agreed-upon functions. 

The duty of care owed to clients includes everything you do for that client, and may be outlined in the representation agreement, general, and fiduciary obligations under agency law and regulatory obligations (as set out in REBBA 2002). 

Duties to Clients

In addition to the foregoing duty of care, some of the obligations owed to clients under agency law include the following: 

General Obligations 

1.  Exercise care and skill – have the requisite knowledge and skills; provide complete and accurate information; recommend relevant experts, where applicable 

2.  Negotiate favourable terms – advance the client’s interests by assisting in negotiations; draft favourable terms and conditions for agreements arising from the negotiations 

3.  Maintain confidentiality – maintain confidentiality regarding all matters (e.g., client’s personal information, client’s motivation for buying/selling, the amount to be paid or accepted during negotiations)

4.  Disclose information – disclose information pertinent to the client (e.g., actual or potential conflicts of interest); disclose matters relating to the transaction

5.  Ensure honesty – demonstrate honesty of intent in all dealing

6.  Act in person – perform duties personally, unless otherwise instructed

7.  Obey instructions – obey the client’s instruction, unless it’s not lawful (e.g., the client asks you to create a misleading advertisement regarding the property)

8.  Perform mandate – perform the mandate as set out in the representation agreement; act only within specified authorities; seek clarification if you are uncertain about said authorities

Fiduciary Obligations

1.  Maintain utmost loyalty – the client’s interests come first, best achieved in single representation (i.e., you represent the interest of one party to a transaction)

2.  Avoid conflicts of interest – beware aware of situations that may lead to conflicts of interest, such as representing two or more clients at the same time (multiple representation) acquiring the client’s property selling owned property to the client 

3.  Disclose conflicts – disclose any personal or third-party interests that do or might conflict with the client’s interests; disclose the exact nature and extent of the conflict(s), preferably in writing and signed by the client 

4.  Not make secret profit – do not make a profit at the client’s expense (e.g., providing improper advice, accepting payment from another party without the client’s knowledge and written consent)

5.  Not misuse confidential information – do not use confidential information (e.g., confidential details about the client, the property, and/or the transaction) for your own interests, to harm the client, or to interfere with the client’s endeavours 

 

Reference

Ontario Real Estate Association and Acronamic Learning Systems Inc. (2015). Land, Structures and Real Estate Trading. Don Mills, ON: MediaLinx Printing Group.

 

 

 

 

 

Original article – 

What’s In A Name?

Ontario Launches Airbnb Pilot Project

The province is collaborating with Airbnb to raise awareness about homeowners’ and consumers’ rights when booking or offering accommodations through Airbnb. Airbnb is an online platform that allows people to list or book private accommodations.

The pilot project will create a webpage, with Ontario specific content, that will give users more information about reporting rental income, consumer protection rights under contracts, accessibility requirements and regulatory and safety obligations.

This pilot project is part of a larger consumer protection initiative by the government to harness the benefits of the sharing economy while protecting Ontarians. The government has also established a Sharing Economy Advisory Board to help Ontario seize opportunities in the rapidly expanding sharing economy.

Currently, there are more than 11,000 Airbnb hosts in Ontario. The average host makes approximately $280 a month on this online platform. Last year, more than 375,000 visitors used Airbnb to book accommodations in Ontario.

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Ontario Launches Airbnb Pilot Project

Private Members Bill Introduced on Home Inspector Licensing

On Monday, Trinity-Spadina MPP Han Dong ‎introduced a Private Member’s Bill that, if passed, would establish a home inspector licensing system in Ontario. Bill 165, the Licensed Home Inspectors Act, 2016, is based off of recommendations that came from the Ministry of Government and Consumer Services’ Home Inspector Qualifications Panel. OREA has been an active participant on the Ministry’s panel and we were supportive of the recommendations that came out of the consultations.

It is important to note that Private Member’s Bills are not a government bill and rarely become law. OREA has learned that the province still plans on bringing forward government sponsored legislation on the same issue.

In short, MPP Dong’s bill would allow the Ontario government to establish a delegated administrative authority that would be responsible for establishing education requirements and the licensing of home inspectors in Ontario.

The bill will have 2nd Reading debate on March 3rd, 2016. If the bill passes 2nd Reading, it would then need to go to Committee and pass 3rd Reading before becoming law.

OREA’s government relations team will continue to monitor Bill 165 as it moves through the legislative process.

This article – 

Private Members Bill Introduced on Home Inspector Licensing